TIDMTENT
Triple Point Energy Transition PLC
12 December 2022
12 December 2022
Triple Point Energy Transition plc
(the "Company" or, together with its subsidiaries, the
"Group")
Sharing best practice in incentivising carbon reductions through
investment structures
The Board of Directors of Triple Point Energy Transition plc
(ticker: TENT) is pleased to announce that the Company, alongside
Virmati Energy Ltd (trading as "Field"), has partnered with The
Chancery Lane Project ("TCLP") to publish a version of the
"Interest Ratchet Clause for Carbon Saving" contained within the
recent debt facility agreed between the Company and Field in March
2022 (the "Facility"), linking the interest rate to carbon
savings.
The Chancery Lane Project is a collaborative initiative of legal
professionals, publishing practical contractual clauses that help
to mitigate carbon emissions. A user-friendly, peer-reviewed
template of the clause will be available on the TCLP portal, to be
used in a wide-variety of applications for any company whose
operations result in carbon savings. By making this clause publicly
available, the Company and Field aim to support companies that
avoid carbon in achieving lower costs of capital, accelerating the
Energy Transition.
Recognising the opportunity to maximise the contribution of
Battery Energy Storage Systems ("BESS") to Energy Transition, the
clause, as originally designed, incentivises the asset operator to
utilise the systems to balance the supply of intermittent
renewables with steady daily demand curves. Carbon savings are
maximised, and costs of capital reduced, by preventing the
curtailment of renewable generation and reducing demand for gas
peaking generation. The linking of interest rate and carbon savings
is the first of its kind in the BESS sector.
This innovative interest ratchet clause contributed to the
Company and Field winning the Battery Storage of Deal of the Year,
at the Inspiratia Awards in November 2022.
John Roberts, the Company's Chair, said:
"We were pleased to offer the interest rate ratchet to Field,
the first of its kind in the market, and which followed an
extensive collaborative design process. The clause is one of
several ESG-related provisions included in the Facility, which also
allows for enhanced supply chain visibility, end-of-life cell
recycling, and Scope 3 emissions data collection. By making this
clause available to all, the Company hopes to facilitate Energy
Transition within the wider market."
For further information, please contact:
Triple Point Investment Management LLP
Jonathan Hick
Christophe Arnoult +44 (0) 20 7201 8989
J.P. Morgan Cazenove (Corporate Broker)
William Simmonds
Jérémie Birnbaum +44 (0) 20 7742 4000
Akur Limited (Financial Adviser)
Tom Frost
Anthony Richardson
Siobhan Sergeant +44 (0) 20 7493 3631
Sapience Communications (PR Adviser)
Richard Morgan Evans +44 (0) 20 3195 3240
Jamie Gittings +44 (0) 73 0850 9608
LEI: 213800UDP142E67X9X28
Further information on the Company can be found on its website:
www.tpenergytransition.com
NOTES:
The Company is an investment trust which aims to invest in
assets that support the transition to a lower carbon, more
efficient energy system and help the UK achieve Net Zero.
Since its IPO in October 2020, the Company has made the
following investments and commitments:
-- Harvest and Glasshouse : provision of GBP21m of senior debt
finance to two established combined heat and power ("CHP") assets,
located on the Isle of Wight, supplying heat, electricity and
carbon dioxide to the UK's largest tomato grower, APS Salads
("APS") - March 2021
-- Spark Steam : provision of GBP8m of senior debt finance to an
established CHP asset in Teesside supplying APS, as well as a
further power purchase agreement through a private wire arrangement
with another food manufacturer - June 2021
-- Hydroelectric Portfolio (1) : acquisition of six operational,
Feed in Tariff ("FiT") accredited, "run of the river" hydroelectric
power projects in Scotland, with total installed capacity of 4.1MW,
for an aggregate consideration of GBP26.6m (excluding costs) -
November 2021
-- Hydroelectric Portfolio (2) : acquisition of a further three
operational, FiT accredited, "run of the river" hydroelectric power
projects in Scotland, with total installed capacity of 2.5MW, for
an aggregate consideration of GBP19.6m (excluding costs) - December
2021
-- BESS Portfolio : commitment to provide a debt facility of
GBP45.6m to a subsidiary of Virmati Energy Ltd (trading as
"Field"), for the purposes of building a portfolio of four
geographically diverse Battery Energy Storage System ("BESS")
assets in the UK with a total capacity of 110MW - March 2022
-- Energy Efficient Lighting (1): Funding of c.GBP1m to a
lighting solutions provider to install efficient lighting and
controls at a leading logistics company - September 2022.
-- Energy Efficient Lighting (2): Commitment of c.GBP1m to a
lighting solutions provider to install efficient lighting and
controls at a leading logistics company, of which GBP0.3m invested
to date - November 2022.
The Investment Manager is Triple Point Investment Management LLP
("Triple Point") which is authorised and regulated by the Financial
Conduct Authority. Triple Point manages private, institutional, and
public capital, and has a proven track record of investment in
Energy Efficiency and decentralised energy projects.
Following its IPO on 19 October 2020, the Company was admitted
on the premium listing segment of the Official List of the
Financial Conduct Authority and was admitted to trading on the
Premium Segment of the Main Market of the London Stock Exchange on
28 October 2022. The Company was also awarded the London Stock
Exchange's Green Economy Mark.
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END
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